The Tucson Housing Market October 2020
A Quick Look At The Market From Ben & Kim Boldt – Premier Tucson Homes
The Tucson Housing Market October 2020 report shows both the Average and Median Sales Prices for single family homes increased year over year, by 17.6% and 12.8% respectively.
Active Listings continue at historic lows with only 1,516 single family homes on the market at the end of October. At the October rate of sales that translates into a 1.3 month supply. OMG….. If you see it, like it, buy it …. FAST!
Following single family homes, the Average and Median Sales price for Condos and Townhouses moved up as well. The Average sales price jumped up 17.1% and Median 16.4%.
Now for the details……
The Tucson Housing Market October 2020 – Single Family Homes
The Tucson Housing Market October 2020 – Condos & Townhouses
Inventory of Condos and Townhouses stands at 218 units on the market. That is a drop of 23.5% from October 2019.
Average Sales Prices – Increased 17.6% Year Over Year For Single Family Homes And 17.1% For Condos/Townhouses
Median Sales Prices – Increased 12.8% Year Over Year For Single Family Homes And 16.4% For Condos/Townhouses
Active Listings – Single Family Homes Decreased 41.5% From October 2019
Average Days On Market (DOM) – Stands At 19 Days
For Single Family Home Days On Market dropped 48.6% from October 2019, down – 5 days – from September 2020. For Condo/Townhouses DOM dropped 19.2% from the prior year period – 2 Days – from September 2020.
Thinking of putting your home on the market? Price it right and sell it – FAST!
Percentage Of Listing Price Paid By Buyer – Is 99.8% For Single Family Homes
Not a lot of negotiating going on! If you find the right home, be ready to pay very close to list price or OVER in hot subdivisions.
The Drivers – NO Changes Here! Strong Demand, Low Mortgage Rates And Low Inventory
Demand is strong and inventory is at historical lows. Supply and demand are riving prices up.
Sellers are in command as buyers look for their “perfect” home in a market with low — REALLY LOW — inventory.
New construction home sales remain high. And the low number of “active listings” in the resale market is moving people to that choice. New homes are being built across Tucson. But in most cases, that new construction home will likely cost more than a resale.
Keep in mind when buying new construction, landscaping, decorating and window treatments are not included in the price. Want a pool, plan on $45,000 to $70,000 for a standard no frills pool.
And while prices continue to rise, Tucson is still a good value compared to many areas in the U.S
If a “fixer upper” has even a small appeal, check out a 203K FHA loan. Its a good option to have in your pocket when buying a home in Tucson, AZ.
October 2020 Mortgage Update
Mortgage rates are under 3.0% for a 30-year conventional loan. OMG, who would have thought that. And down payment requirements have been relaxed …….a bit.
The low rates relative to recent year over year appreciation in Tucson home values makes Tucson an easy choice.
And Tucson remains one of the lower cost of living cities in Arizona and the U.S.
The greater Tucson area continues is a top pick for cities to live in across the United States.
Considering A Home Tucson?
Are you thinking of buying a home in the greater Tucson area? Finding the right home can be a challenging process. But we can make the process much less stressful for you.
We have been Tucson Realtors since 2002. We know Tucson and the Tucson Real Estate market. As a top Realtor team, we invest the time to understand your home buying interests and desires.
At our first meeting, we will review the current real estate market with you. Show you the market data and then walk you through the Arizona home buying process.
Why? We want you to know what to expect. And what to plan for.
Interested in new construction? We’ll brief you on buying a new construction home. And what’s unique about the process.
For us, you are not another real estate transaction. You are a client and, future friend. We strive to create a relationship that continues long after you move into your home.
Review our profiles. Check out our backgrounds, education, and certifications.
We are here to help you “know what you need to know” to buy a home in Tucson, AZ. We provide you information on Tucson events, places to shop and restaurants. Our resources include contractors, electricians, and home services.
We will also help you get deals on tile and paint to make the home you buy yours. Our professional service backgrounds mean we put you first!
When submitting an offer
Given current inventory levels, low ball offers aren’t getting traction. So, if you “really” want the home, make a “reasonable” offer.
You have to ask yourself, “Will I feel bad if I don’t get this house?” If the answer is no, then put in an offer you would feel is a steal and see what happens. But your chances of a “great deal” aren’t good.
If the answer is yes, put in an offer you and your Realtor think is reasonable.
We will work with you to understand your objectives and analyze the market to determine – as best we can – a price range for the home you want to buy or sell.
Thank you for visiting www.premiertucsonhomes.com! It’s one of the top real estate websites in Tucson. Our clients say that, not us. Hopefully, you will agree.
Our website provides lots of information on communities and neighborhoods in the greater Tucson area. Want more? Give us a call – 520-940-4541.
We are ready to answer your questions and help you get the information you are looking for. Pandemic or not, we are on the job and ready to assist you find your future home or winter retreat in the Greater Tucson area.
Looking for a home in Tucson or planning for a future retirement in Tucson AZ? We can help!
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